The most common exit strategies for retiring solo practitioners and small law firm owners typically include recruiting a successor, merging with another law firm, selling the practice, or shutting it down. However, one strategy is often overlooked, though it may make the most sense regarding finances and personal well-being. That strategy is downsizing. Read More

Succession planning is a demanding journey with many unknowns. As the spouse, you're more than just a passenger—you're the co-pilot. Whether you are a co-owner at the firm, an employee, or simply a curious and supportive partner, your involvement in succession planning is crucial. As a spouse, you bring a unique perspective to the process, whether or not you work at the firm. With that support, a few well-placed nudges, and the occasional "I told you so" (play this latter card VERY carefully), you can help guide your law firm owner spouse make a smooth transition out of the legal profession. Read More

As more attorneys who are Baby Boomers retire, many of them are choosing law firm mergers as a succession plan. If you're a solo or small law firm owner planning to exit practice in the next 5-10 years, merging with another firm may be your best option. Read More

Succession planning is not merely a task to check off; it’s an opportunity to ensure your legacy. You only get one chance to exit the legal profession. Do it wisely. Read More

As a small law firm owner thinking about retirement, you are likely looking to your own associate to be your successor. This decision is not one to enter lightly, however. Before you make anything official, you need to consider whether your associate has the talent and the skills to pull it off. Just because the associate handles files well has no bearing on whether they can successfully operate a law firm. Read More

As the legal landscape evolves, so does the necessity for seasoned attorneys to devise solid exit strategies as they approach retirement. Particularly in the wake of recent global events like the COVID pandemic, the urgency of these plans has become starkly apparent. Read More

For those approaching the end of their legal career, the phrase means, do you keep plugging away working, or is it time to fold them and start playing an entirely new game called retirement? So how do you know? Here are some questions to ask yourself on when you should retire. Read More

For personal injury law firm owners thinking about leaving practice, there’s good news and bad news regarding selling a personal injury law firm. First, the good news. Unlike most practices, personal injury practices have a real monetary value and a relatively easy manner to determine that value, even if the owner decides to shut the firm down. At times, this value can be significant and easy to monetize. Read More